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/FIRST AND FINAL ADD -- NY111 -- ETHICAL HOLDINGS/

 ETHICAL HOLDINGS PLC
 SECOND QUARTER SELECTED FINANCIAL DATA (US GAAP UNAUDITED)
 INCOME STATEMENT
 Three months ended
 February 28
 1993 1994 1994
 Pound Pound $
 Sterling Sterling
 REVENUE:
 Licensing & Development Fees 417,868 935,846 1,392,071
 Royalties and Product Sales 834,923 1,023,524 1,522,492
 Services 270,508 128,861 191,681
 Total Revenues 1,523,299 2,088,231 3,106,244
 OPERATING EXPENSES:
 -- Direct Costs 223,413 475,181 706,832
 -- Research, development
 and laboratory expenses 1,096,360 1,789,202 2,661,438
 -- Selling, general and
 administrative expenses 558,146 849,652 1,263,857
 Total expenses 1,877,919 3,114,035 4,632,127
 OPERATING PROFIT: (354,620) (1,025,804) (1,525,883)
 Interest (net) (18,652) 67,538 100,463
 INCOME FROM CONTINUING
 OPERATIONS BEFORE TAXES (373,272) (958,266) (1,425,421)
 Income taxes 52,168 0 0
 INCOME FROM CONTINUING
 OPERATIONS BEFORE
 MINORITY INTERESTS (425,440) (958,266) (1,425,421)
 Minority interests 0 0 0
 Total (425,440) (958,266) (1,425,421)
 DISCONTINUED OPERATION:
 Income (loss) from
 operations of
 discontinued consulting
 business (after tax) 0 0 0
 NET PROFIT(LOSS) (425,440) (958,266) (1,425,421)
 PROFORMA SHARES 9,748,137 13,956,604 13,956,604
 EPS CONTINUING
 OPERATIONS (0.04) (0.07) (0.10)
 EPS TOATL OPERATIONS (0.04) (0.07) (0.10)
 ? Six months ended
 February 28,
 1993 1994 1994
 pounds pounds $
 REVENUE:
 Licensing & Development Fees 662,927 1,186,846 1,765,433
 Royalties and Product Sales 1,795,896 1,901,724 2,828,814
 Services 499,121 382,259 568,610
 Total Revenues 2,957,944 3,470,829 5,162,858
 OPERATING EXPENSES:
 -- Direct costs 567,317 898,207 1,336,083
 -- Research, development and
 laboratory expenses 2,150,043 3,370,284 5,013,297
 SG&A expenses 1,085,781 1,622,270 2,413,127
 Total expenses 3,803,141 5,890,761 8,762,507
 OPERATING PROFIT: (845,197)(2,419,932)(3,599,649)
 Interest (net) (16,433) 148,948 221,560
 INCOME FROM CONTINUING
 OPERATIONS BEFORE TAXES (861,630)(2,270,984)(3,378,089)
 Income taxes 96,149 90,000 133,875
 INCOME FROM CONTINUING
 OPERATIONS BEFORE
 MINORITY INTERESTS (957,779)(2,360,984)(3,511,964)
 Minority interests 0 0 0
 Total (957,779)(2,360,984)(3,511,964)
 DISCONTINUED OPERATION:
 Income (loss) from
 operations of
 discontinued
 consulting business
 (after tax) 24,531 0 0
 NET PROFIT/(LOSS) (933,248)(2,360,984)(3,511,964)
 PROFORMA SHARES 9,748,137 14,005,368 14,005,368
 EPS CONTINUING OPERATIONS (0.10) (0.17) (0.25)
 EPS TOTAL OPERATIONS (0.10) (0.17) (0.25)
 -- Clinical trials costs (1994: 908,804 pounds and 1993: 375,669 pounds for the year to date) and those associated with the clinical and registration departments (1994: 604,308 pounds and 1993: 181,067 pounds for the year to date), which were previously split between direct costs and SG&A, have been reclassified as Research and Development expenditure. The Directors consider that this results in a more appropriate classification of the operating expenses of the Group. The comparative figures have also been restated. These reclassifications have no effect on the results of the group.
 SELECTED BALANCE SHEET DATA
 February 25, 1994
 Pound
 Sterling $
 Working capital 6,384,205 9,200,278
 Total assets 12,892,036 18,578,713
 Long-term obligations 362,509 522,412
 Stockholders' equity 9,707,336 13,989,242
 Exchange rate $/Pound Sterling 1.4875
 -0- 4/19/94 AA NY111
 /END FIRST AND FINAL ADD/
 /PRNewswire -- April 19/


CO: Ethical Holdings plc ST: IN: MTC SU: ERN

LP-PS -- NY111A -- 7185 04/19/94 17:10 EDT
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Date:Apr 19, 1994
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